10-29-2008, 07:15 AM
It will be interesting to see why the people who are losing their houses thought they could afford them. The people I know were living beyond their means. They didn't have to read the "fine print" to know. One family had an 800k house on 80k a yr., and were living like rock stars on home equity loans. Another had 2 8.50/hr. incomes and a 250k house with 2 new cars.
All the RV businesses seem to be closing here. They sold 4-wheelers to people for outrageously low monthly payments, and the people who bought them can't even afford those payments (nor the gas to run them). I just think people have been using credit to live in an ultra-greedy manner. It can't be allowed to continue, and I think the bailouts do that, to some extent. They just delay the crash. It's been so long since I've heard anyone say, "Money's not everything." It might be good for us all to re-learn that lesson. kj.
All the RV businesses seem to be closing here. They sold 4-wheelers to people for outrageously low monthly payments, and the people who bought them can't even afford those payments (nor the gas to run them). I just think people have been using credit to live in an ultra-greedy manner. It can't be allowed to continue, and I think the bailouts do that, to some extent. They just delay the crash. It's been so long since I've heard anyone say, "Money's not everything." It might be good for us all to re-learn that lesson. kj.